Quebec City, Quebec, Apr 6: H2O Innovation Inc. ("H2O Innovation" or the "Company")(TSX VENTURE: HEO)(ALTERNEXT: MNEMO:ALHEO) announces today that its Indian joint-venture H2O Innovation India Ltd. ("H2O Innovation India"), based in Mumbai, India, has opened its first manufacturing plant near Vadodara, India, and secured $4.2 M in bookings of water treatment systems and equipment for industrial Indian customers within its first year of operation.
Created in February 2010, just over a year ago, H2O Innovation India is a joint venture between Chembond Chemicals Limited ("Chembond") of Mumbai, India and H2O Innovation. Pursuant to the joint venture agreement, Chembond owns 51% of the shares of the joint venture and the Company owns the remaining 49%. During its first year of operation alone, H2O Innovation India was awarded contracts totalling $4.2 M for the supply of industrial water treatment systems and equipment for industrial customers (including the contracts valued at $2.2 M announced on June 8, 2010). As of April 6, 2011, H2O Innovation India's sales backlog stands at $2.6 M for Indian projects only. H2O Innovation India's backlog will now be consolidated into the Company's sales backlog - proportionally to the Company's interest in the joint venture.
Operating out of Mumbai, where its sales, engineering, and service offices are located, H2O Innovation India inaugurated last month a 10,000 sq. ft. manufacturing plant near Vadodara, State of Gujarat, India. The plant's manufacturing capabilities are equivalent to those of the Company's plants located in Ham-Nord, QC and Minneapolis, MN. This new production capacity will enable H2O Innovation India to locally ensure detailed engineering, together with assembly, welding, pipe fitting, in-house performance testing and programming, among other operations. It will also enable H2O Innovation India to have a better control on delivery schedule and to strictly honour its commitments towards its customers. The capital expenditure incurred to build the plant has been assumed by Chembond, and H2O Innovation India has entered into a lease agreement with Chembond.
Now relying on an extended footprint in India through its partner Chembond, coupled with an in-depth knowledge of membrane-based water treatment systems, H2O Innovation India provides water treatment solutions and operation & maintenance services to SAARC(1) countries, among which India. As part of the contracts awarded this year, H2O Innovation India provides custom-designed plants for specialized applications (including water reused from cooling tower blow-down, demineralization and condensate polishing), and also offers packaged units, system optimization and after-sales service. H2O Innovation India already provides full operation & maintenance to a multi-national industrial client in Central India. The Company has partially outsourced to H2O Innovation India three major international membrane filtration projects for industrial customers in the petrochemical, power generation and oil & gas markets.
"We are proud to see that H2O Innovation India has successfully secured these contracts within the first year of operation, while constituting a sizeable backlog and developing a growing sales pipeline in such a short period of time", stated Nirmal V. Shah, Managing Director of H2O Innovation India. "We are confident that H2O Innovation India's devoted team of water treatment experts will build on these contracts and our extended local presence to sustain its growth objectives while focusing on the execution and management of the projects."
Created in February 2010, just over a year ago, H2O Innovation India is a joint venture between Chembond Chemicals Limited ("Chembond") of Mumbai, India and H2O Innovation. Pursuant to the joint venture agreement, Chembond owns 51% of the shares of the joint venture and the Company owns the remaining 49%. During its first year of operation alone, H2O Innovation India was awarded contracts totalling $4.2 M for the supply of industrial water treatment systems and equipment for industrial customers (including the contracts valued at $2.2 M announced on June 8, 2010). As of April 6, 2011, H2O Innovation India's sales backlog stands at $2.6 M for Indian projects only. H2O Innovation India's backlog will now be consolidated into the Company's sales backlog - proportionally to the Company's interest in the joint venture.
Operating out of Mumbai, where its sales, engineering, and service offices are located, H2O Innovation India inaugurated last month a 10,000 sq. ft. manufacturing plant near Vadodara, State of Gujarat, India. The plant's manufacturing capabilities are equivalent to those of the Company's plants located in Ham-Nord, QC and Minneapolis, MN. This new production capacity will enable H2O Innovation India to locally ensure detailed engineering, together with assembly, welding, pipe fitting, in-house performance testing and programming, among other operations. It will also enable H2O Innovation India to have a better control on delivery schedule and to strictly honour its commitments towards its customers. The capital expenditure incurred to build the plant has been assumed by Chembond, and H2O Innovation India has entered into a lease agreement with Chembond.
Now relying on an extended footprint in India through its partner Chembond, coupled with an in-depth knowledge of membrane-based water treatment systems, H2O Innovation India provides water treatment solutions and operation & maintenance services to SAARC(1) countries, among which India. As part of the contracts awarded this year, H2O Innovation India provides custom-designed plants for specialized applications (including water reused from cooling tower blow-down, demineralization and condensate polishing), and also offers packaged units, system optimization and after-sales service. H2O Innovation India already provides full operation & maintenance to a multi-national industrial client in Central India. The Company has partially outsourced to H2O Innovation India three major international membrane filtration projects for industrial customers in the petrochemical, power generation and oil & gas markets.
"We are proud to see that H2O Innovation India has successfully secured these contracts within the first year of operation, while constituting a sizeable backlog and developing a growing sales pipeline in such a short period of time", stated Nirmal V. Shah, Managing Director of H2O Innovation India. "We are confident that H2O Innovation India's devoted team of water treatment experts will build on these contracts and our extended local presence to sustain its growth objectives while focusing on the execution and management of the projects."
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